Consumers who successfully complained to the Financial Services Ombudsman that they were mis-sold certain bonds manufactured by Friends First may not get the compensation which the Ombudsman has awarded them.
The Sunday Business Post has learned that some investment brokers are currently unable to pay the awards, because they have been refused cover by their professional indemnity insurance providers.
The dispute between the investment brokers and their insurers is currently at arbitration, informed sources said.
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